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作者：Li, Bin; Venkatachalam, Mohan
作者单位：Vanderbilt University; Duke University
摘要：How important is equal access to mandatory disclosures? We exploit the postal strike of 1970 that caused a delay in the delivery of annual reports via mail. This strike created unequal access because certain investors (e.g., institutions) had both the incentives and ability to obtain the annual reports by other means. Theory predicts that, when differential access exists, adverse selection problems intensify, causing a decline in stock trading. Our findings support this prediction: stock tradi...
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作者：Chu, Jian; Shan, Yaowen; Tian, Gary Gang
作者单位：Nanjing University; University of Technology Sydney; Macquarie University
摘要：This study documents that Chinese non-state-owned enterprises have effective tax rates that are 1% lower during the tenure of corrupt regional tax bureau commissioners (i.e., regional tax bureau chiefs). The reduction in the effective tax rate persists even after controlling for political connections of firms, general local corruption, and a variety of other determinants of tax avoidance. Further analysis shows that corrupt tax commissioners induce bribery activities and exacerbate tax avoidan...
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作者：Wu, Xiting; Luo, Le; You, Jiaxing
作者单位：Shandong University; Macquarie University; Xiamen University
摘要：Using the staggered establishment of environmental courts in China, we study the effect of environmental law enforcement on audit fees. We find that companies' abnormal audit fees increase significantly after the establishment of a specialized environmental court strengthens environmental law enforcement. Our cross-sectional analyses show that the increase in abnormal audit fees is greater for companies with worse environmental performance and for those in heavily polluting industries. We then...
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作者：Lamoreaux, Phillip T.; Liu, Summer Zhujun; Newton, Nathan J.; Zhang, Min
作者单位：Arizona State University; Arizona State University-Tempe; Texas A&M University System; Texas A&M University College Station; State University System of Florida; Florida State University; Renmin University of China
摘要：Research suggests that board members value financial reporting quality because executive dismissal often follows low reporting quality events. However, inferences about the board's demand for reporting quality in these studies are confounded by board members' reputation incentives because the events examined are public (e.g., restatements). We investigate boards' demand for reporting quality by exploiting a private signal of misreporting: audit adjustments communicated to the Board by the exte...
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作者：Frankel, Richard; Kothari, S. P.; Raghunandan, Aneesh
作者单位：Washington University (WUSTL); Massachusetts Institute of Technology (MIT); Yale University
摘要：We provide an economics-based review of the pros and cons of ESG disclosures, emphasizing environmental disclosures from an investor-centric perspective. Our survey intends to guide corporate management and regulators in navigating the ESG disclosure terrain. Rather than summarizing the vast and growing ESG literature, we assess the economic arguments for ESG disclosure regulation and the form of this disclosure. We discuss investors' demand for ESG information and its supply by publicly trade...
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作者：Heese, Jonas; Shin, Albert; Wang, Charles C. Y.
作者单位：Harvard University
摘要：The new lease standard (ASC 842) allows firms to keep variable leases off balance sheet, in part based on the assumption that future expenses are difficult to estimate reliably. We show that variable lease expenses are both prevalent and substantial, exhibiting persistence and predictability comparable to operating lease expenses while showing limited sensitivity to revenue changes. These patterns are consistent with variable lease payments being based on stable drivers. Following ASC 842 adop...
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作者：Vincenzi, Roberto
作者单位：Bocconi University
摘要：This study investigates the influence of central bank private-sector quantitative easing (QE) policies on firms' voluntary disclosures. While the effects of QE on borrowing costs and asset prices are well documented, spillovers in the disclosure realm remain understudied. This study specifically analyzes the effects of the Corporate Sector Purchase Program (CSPP), a private-sector QE policy implemented by the European Central Bank (ECB) in 2016 targeting corporate bonds in the euro area. Apply...
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作者：Hribar, Paul; Kravet, Todd; Krupa, Trent
作者单位：University of Iowa; University of Connecticut; University of Arkansas System; University of Arkansas Fayetteville
摘要：We examine the role of private equity in alleviating earnings myopia induced by public markets. We first construct a measure of earnings myopia and show that this measure varies as predicted with determinants and effects of myopia. Then we show that public firms exhibiting earnings myopia realize an increased likelihood of takeover by private equity buyers. Cross-sectional analyses indicate that this relation is strongest when costs of earnings myopia are likely higher. Following private equit...
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作者：Darendeli, Alper
作者单位：Nanyang Technological University
摘要：Mutual funds regularly issue factsheets to communicate their performance in a short summary form. I investigate whether the release of factsheets in Morningstar plays a role in the trading behavior of retail investors. I find that retail investors react more to performance measures in factsheets when these are disseminated through Morningstar, and therefore made salient, than when they are not. The results cannot be explained by dissemination via alternative platforms, fund advertising, market...
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作者：Hu, Xiaoli; Kang, Ya; Li, Oliver Zhen; Lin, Yupeng
作者单位：City University of Hong Kong; Chinese University of Hong Kong; National University of Singapore
摘要：Ethnic tension in the United States became more salient after Donald Trump's election on November 9, 2016. Exploring the variation in management forecasts, we show that after the Trump election, minority CEOs exhibit more pessimism in their earnings forecasts (underestimation of the mean of earnings), compared with their non-minority counterparts. This tendency toward pessimism is observed across CEOs from various minority groups and is particularly pronounced in firms led by less experienced ...
